AI fraud detection company Oscilar has introduced a industry-first generative AI platform designed for fraud prevention.
This groundbreaking solution empowers businesses to enhance their management of credit, fraud, and compliance risks with unprecedented speed and accuracy.
The announcement was made during the Money20/20 event in Las Vegas, marking a significant milestone in the evolution of risk management. The move was made in response to the rise in pace and complexity of fraud schemes – which has led to over $8bn in consumer losses last year alone.
What sets Oscilar’s AI Risk Decisioning solution apart is its approach to data. It collects and analyses data from the most comprehensive open and closed sources, constructing a foundation of fraud knowledge. Leveraging AI, it unifies this data in a way that empowers context-aware conversational AI to automatically identify potential fraud patterns, conduct root cause analysis, and provide real-time risk recommendations through a natural language interface.
The integration of Oscilar’s AI with cutting-edge LLMs (language models) and its risk operating system enables customers to gain a comprehensive, 360-degree view of a user’s risk profile. This cognitive, context-aware methodology enables businesses to assess risk more intelligently and swiftly across every customer touchpoint.
The solution has proven to be popular across the FinTech space. A vast array of leading companies have become clients, as they aim to leverage Oscilar’s groundbreaking product; including Super, Slope, Flexcar and Finsync.
Oscilar Co-Founder and Chief Technology Officer Sachin Kulkarni, said, “Even the most well-funded companies struggle to keep up with the increasing pace and sophistication of fraud schemes, which led to more than $8 billion in consumer losses last year.
“Our newest AI Risk Decisioning solution, radically expedites risk decision-making, greatly reduces human effort spent on manual decision-making, and establishes scalable fraudprograms that operate with greater efficiency and effectiveness. Oscilar empowers risk operators to tackle complex fraud and risk problems at scale from multiple dimensions.”
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